Online gambling firm UKBetting.com has announced plans to raise £11 million through a share placing to fuel its new expansion plans.

Part of the £11 million raised from the market, would be for funding the groupís acquisition of odds comparison service Oddschecker for £4.75m in cash and shares.

The Directors added during the announcement that the new acquisition of Oddschecker announced earlier this week, would help the firm achieve these goals, as well as providing UKBetting with the opportunity to secure operational cost savings. Oddschecker is one of the leading odds comparison services, and claims to have a 75 percent market share in UK with over 100,000 registered gaming and betting users.

For the year to the end of June, Oddschecker achieved pre-tax profits of £250,0000 on turnover of £1.3m and had unaudited net assets of £500,000 at that date.

The company also added that it has plans to buy new businesses, which complement its sports coverage division. Websites include Sportinglife.com, Sportal.com, Bettingzone.co.uk and Teamtalk.com.

According to the company's board of directors, the new acquisition opportunities would strengthen UKBetting.com's position in the online sports market and broaden its product portfolio, and giving the customer a wider range of online services, compared to other UK bookmakers.